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  • More on the Morgan Stanley (MS) presentation: The bank is "maniacally focused" on cutting non-compensation costs, says CEO Gorman, with the goal of reducing expenses by $1.4B annually. It sounds as if Gorman is building a lean, well-capitalized, risk-avoiding machine. Now what about revenues?  [View news story]
    How about being "maniacally focused" on adding value for the customer, honesty, and personal integrity. Hell will freeze over and pigs will fly before we hear that.
    Jun 12, 2012. 03:03 PM | 1 Like Like |Link to Comment
  • The Fed is urged - by a group of bankers advising it - to reduce the "uncertainty and confusion" posed by its stress tests. Board members are "flying blind," guessing at distribution decisions, says the Federal Advisory Council. It's hard not to feel bad for the absurd situation bankers find themselves in, but they made their pact with the federales long ago.  [View news story]
    You're "flying blind"? That's the sort of counsel our Fed is getting?? We are in big trouble folks.
    Jun 11, 2012. 01:48 PM | 1 Like Like |Link to Comment
  • China's weekend data dump shows a slowing economy, but it's not as disastrous as many had expected. What is does suggest is - contrary to expectations - the PBOC rate cut may not be the beginning of massive easing, but instead the momentary end to easing that's already taken place.  [View news story]
    No spin from article's author.
    Jun 11, 2012. 11:38 AM | Likes Like |Link to Comment
  • China's weekend data dump shows a slowing economy, but it's not as disastrous as many had expected. What is does suggest is - contrary to expectations - the PBOC rate cut may not be the beginning of massive easing, but instead the momentary end to easing that's already taken place.  [View news story]
    Spin it all you want.... but China is slowing.
    Jun 11, 2012. 11:12 AM | 1 Like Like |Link to Comment
  • Stocks turn lower after the bailout-induced pop at the open. S&P 500 -0.2%, Nasdaq -0.3%. Europe hits session lows, the Stoxx 50 +0.6% with next-in-line Italy -1.3%.  [View news story]
    Shortest hopium rally in 3 years? Nice to see some sanity for once.
    Jun 11, 2012. 10:33 AM | 9 Likes Like |Link to Comment
  • "Greece leaves and 'Helicopter Draghi' enters" - Harley Bassman's (formerly ML, now CS rates strategist) "coda" prediction. (via)  [View news story]
    Yes Stoploss that is plenty enough. Could make juvenile joke about Harley's last name but as mature adult, instead offer another tidbit about Mr. Harley... should I say it?

    "During his tenure, he created SURF, (Specialty Underwriting and Residential Finance), a self contained Sub-Prime mortgage conduit. He supervised the issuance of Merrill’s first Sub-Prime securities."
    Jun 8, 2012. 10:34 AM | Likes Like |Link to Comment
  • Unemployment Claims Data Largely Positive For The Economy [View article]
    The unemployed are still jobless. Unemployment rate and continuing claims numbers decrease as benefits run out. This does not mean the claimants have secured any work. The millions remaining jobless have been steadily swelling with each passing month since 2008. Food stamps hitting record highs with each passing month. Economy and markets will take an extreme downturn to finish the 2008 correction. Hard times right ahead.
    Jun 8, 2012. 12:06 AM | 3 Likes Like |Link to Comment
  • That big cash pile companies have been storing? The Fed says it's half a trillion dollars smaller than thought. Before the revision, the Fed showed corporations steadily accumulating cash and reaching a record $2.2T at the end of 2011. Now, it appears corporate cash grew rapidly through 2009, then leveled off. Companies aren’t spending their cash, but they aren’t holding more of it.  [View news story]
    Truth always comes out given enough time. Day of Reckoning will arrive before recovery the Fed was betting on. oops never saw that half a trillion - my a**!
    Jun 7, 2012. 09:15 PM | 2 Likes Like |Link to Comment
  • The federal budget deficit was $125B in May, taking the total for the first eight months of FY 2012 to $845B, or $80B less than last year. Spending in May rose 1% Y/Y to $306B while tax revenues increased 3% to $180B. (PR)  [View news story]
    Agree. Obama deserves another term - in prison.
    Jun 7, 2012. 01:50 PM | 1 Like Like |Link to Comment
  • Stocks and the euro brush off the downgrade of Spain. The S&P 500 remaining +0.5% and the euro -0.1% to $1.2570.  [View news story]
    May be ignoring it - more likely shorting it.
    Jun 7, 2012. 01:19 PM | Likes Like |Link to Comment
  • Market recap: Stocks rallied to their biggest gains of the year as dovish comments from the Fed's Lockhart and Williams spark already smolderling hopes that Uncle Ben will soon ride to the rescue. Also part of the mosaic was Scott Walker's victory last night, which traders say bodes well for Mitt Romney in November. Treasurys and the dollar fell. NYSE gainers led losers five to one.  [View news story]
    Ben, quit talking at it. Time to let the market-correction beast off its leash to deal with the monster you created.
    Jun 6, 2012. 05:45 PM | Likes Like |Link to Comment
  • Why Spain and Milan are rallying is "beyond me," writes Ambrose Evans-Pritchard. Germany has not agreed to a banking union, it has not agreed to mutualize the cost of bank bailouts, it has not given the okay for the EFSF to recapitalize the banks. "Germany has not moved one inch towards fiscal union of any kind ... This is the usual EU smoke and mirrors ... Can anybody enlighten me what exactly has changed?"  [View news story]
    Obama throwing USD into Euro markets behind the scenes? He's going to save our planet!
    Jun 5, 2012. 06:31 PM | Likes Like |Link to Comment
  • The probability of more Fed stimulus when Operation Twist ends in June has gone up to 80% from 50%, says Morgan Stanley's David Greenlaw. Winter month optimism has faded away, he tells clients, "The Fed is likely to do what it can to provide some support."  [View news story]
    Here's my bet: David Greenlaw is dazed and confused from today's sell-off. David, shut your mouth for once, go home, and do some soul searching tonite. Did'nt your mother teach you that making up stories is lying and that lying to get other people's money is stealing? I'm not even your mother yet I'm ashamed of you. What would your mother say? Idiot.
    Jun 1, 2012. 04:20 PM | 2 Likes Like |Link to Comment
  • May Nonfarm Payrolls: +69K vs. consensus of +150K, prior 79K (revised). Unemployment 8.2% vs 8.1% expected, 8.1% previous.  [View news story]
    Numbers could only be stretched so long. Refreshing to finally see the first glimmer of truth emerge. Enough pain and our leaders may do what's necessary to correct our sick economy. Send em all to prison is a good start.
    Jun 1, 2012. 09:17 AM | 2 Likes Like |Link to Comment
  • The Dow reverses a triple digit loss to turn green, though the other averages remain down. S&P 500 -0.2%, Nasdaq -0.5%. Helping the DJIA is Wal-Mart, +1.7% to another 12-1/2 year high ahead of its shareholder meeting in which those carrying on about the Mexican affair are likely to be shouted down by those giving a high-five to management.  [View news story]
    Walmart ignites sudden rally? Losing more faith in SA everyday...
    May 31, 2012. 12:36 PM | Likes Like |Link to Comment